Disruption has always been about empowering users and turning an existing service on its head so it becomes a natural progression for the market to step onto. Payments has been an excruciating pain point for individuals and businesses alike. After all, it’s what drives businesses and fuels economic growth. Payments is about accessibility and enablement; accessibility to make a transaction in any economy with solutions that enable you to do so. Solutions need to almost be currency agnostic to match how creatively businesses operate.
While speaking at the Money 20/20 Europe conference held in Copenhagen, Denmark, co-Founder and CEO of Square, Jack Dorsey laid out the vision for his product, and where it sits in the payments ecosystem. “Square will facilitate millions of buyers and sellers to make transactions easily without the hassle of dealing with middlemen and intermediaries. The mobile payment platform will be especially useful to small businesses which need to receive payments on the go whereas today, it can take up to 5 days for payments to clear.”
Jack believes that Square will allow users from different backgrounds, countries and economies to make ore streamlined transactions. Square also provides real-time analytics which can be used to track sales and current market trends.